Marine Link
Thursday, October 27, 2016

Supertankers’ Longest Stretch of Unprofitability

October 25, 2010

According to an Oct. 24 report from Bloomberg, supertanker owners are facing the longest stretch of unprofitable rates in 17 years as the supply of new vessels increases nine times faster than demand for oil. Shipping companies are making $3,155 a day for a single voyage, 90% below the $30,900 Frontline Ltd. (FRO), one of the biggest operators, said it needs to break even. According to the report, Morgan Stanley (MS) estimates the tanker fleet will expand almost 13% next year and the International Energy Agency said oil use will grow 1.4%.

(Source: Bloomberg)

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News